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  • videocam On-Demand
  • card_travel Insurance
  • schedule 90 minutes

Depreciation of Labor in Property Insurance Claims: Guidance From Recent Cases

Advocating From Insurer and Policyholder Perspectives

$297.00

This course is $0 with these passes:

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Description

Recent decisions are in conflict on whether labor costs may be depreciated in valuing property losses. For example, one court found recently that an insurer breached its obligations under an ACV valuation provision by depreciating mixed costs (costs representing both labor and materials) in a claim for hail damage and that by doing so, the insurer improperly depreciated the cost of labor. Other courts, however, have allowed the depreciation of labor costs. For example, labor costs for installing a new roof after hail damage were deemed "replacement costs" and were depreciable under a property insurance policy defining reimbursable "actual cash value" as "replacement cost of the property at the time of loss less depreciation."

Listen as our authoritative panel of insurance practitioners analyzes whether labor costs and other non-physical cost items, such as contractor overhead and profit, should be depreciated in reaching an ACV adjustment of a property insurance claim. The panel will also address issues involved from both policyholder and insurer perspectives, discuss ongoing litigation and recent decisions, and demonstrate compelling arguments in advocating for or against these claims.

Presented By

Jonathon C. Held
President and CEO
J.S. Held, LLC

Mr. Held has consulted on many of the largest and most complex catastrophic insurance claims in history, including the 1993 and 2001 terrorist attacks on the World Trade Center in N.Y., the AOL Time Warner Center fire in N.Y., The Amtrak Superstorm Sandy litigation, and many of the world’s most visible claims. He is widely considered the expert of choice in large complex “bet the farm” cases. With an unparalleled reputation in the dispute resolution arena, Mr. Held has been a panelist in hundreds of claims and was the party appointed appraiser in the four largest claims ever to be resolved in the appraisal process. Throughout his career, he has testified in numerous courts across the U.S. and has considerable experience as an arbitrator and umpire.

Sergio Oehninger
Counsel
Hunton Andrews Kurth LLP
Heidi Hudson Raschke
Shareholder
Carlton Fields Jorden Burt LLP

Ms. Raschke has spent her legal career representing commercial insurance clients in complex coverage disputes. She partners with her clients, developing close relationships with them, and enabling the collaboration that best serves their unique needs. Depending on the case or client, the approach could range from pre-litigation counseling, to alternative dispute resolution, through discovery, summary judgment briefing, and trial. Ms. Raschke has significant experience representing commercial insurers in sophisticated first-party property coverage matters and other complex coverage disputes involving directors and officers liability insurance, errors and omissions liability insurance, professional liability insurance, comprehensive general liability insurance, financial institution bonds, and bad faith litigation. She regularly speaks and authors articles regarding the commercial insurance industry and she is a past chair of the ABA Tort Trial and Insurance Practice Section's Property Insurance Law Committee.

Credit Information
  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.


  • Live Online


    On Demand

Date + Time

  • event

    Wednesday, October 30, 2019

  • schedule

    1:00 PM E.T.

  1. Overview
  2. Recent cases
  3. Policyholder perspectives
  4. Insurer perspectives
  5. Best practices and case studies
  6. Final considerations

The panel will review these and other key issues:

  • Which jurisdictions generally allow for depreciation of labor in property claims?
  • What are the most important lessons from recent cases?
  • What are compelling arguments in advocating for or against these claims?